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|MINNEAPOLIS--(BUSINESS WIRE)-- Elan Financial Services has entered into a strategic partnership with Cleveland-based KeyBank to offer Key clients a full suite of credit card products and services. |
“KeyBank represents a highly regarded brand and certainly a significant partnership for Elan,” said Jeff Chernivec, senior vice president and market director at Elan Financial Services. “We are excited to further broaden an already strong corporate relationship through the addition of this strategic relationship.”
This portfolio is one of three acquired by U.S. Bank from Citi. Elan Financial Services is a division of U.S. Bank. In conjunction with the new relationship with Elan, KeyBank will be terminating its previously existing credit card issuing relationship with Citi.
Elan is unique in the industry as it continues its strategic focus on agent issuing card programs. By purchasing this portfolio of credit card assets associated with Key’s clients from KeyBank’s previous credit card issuing partner, Elan will own the assets but will continue to brand and market the credit cards under the KeyBank name. The acquired portfolio will be converted in the second quarter of 2010 and all of the new products and services will be made available to clients at that time. No additional steps will be necessary on behalf of the customer as accounts will transfer seamlessly.
“We look forward to a productive partnership that will benefit KeyBank clients and their total client experience,” said Carl Stauffeneger, senior vice president and KeyBank’s senior consumer product manager. “Elan’s reputation for customer service, its systems, technology support, and product development capabilities were among the reasons for our decision to partner with Elan.”
KeyBank is a division of Cleveland-based KeyCorp, one of the nation’s largest bank-based financial services companies with assets of approximately $98 billion. BusinessWeek Magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/.
About Elan Financial Services
Elan Financial Services is one of the nation’s leading providers of complete outsourced solutions. Services include end-to-end credit card, debit, merchant and ATM programs, regional and surcharge-free networks, technology leasing, lending programs and correspondent services. Elan provides the highest sophistication in the industry in the areas of card management, fraud monitoring, reporting and marketing tools to more than 3,000 financial institutions with 24/7 client support and a unique Service Guarantee. Elan provides complete technology solutions with a distinctive industry perspective. For more information, call 1-800-343-7064 or visit www.elanfinancialservices.com.
Elan Financial Services
Teri Charest, Elan Media Relations, 612-303-0732
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|